superannuation

Definition

A type of retirement plan set up by a company for the benefit of its employees. These types of plans use funds deposited by the company (defined benefit plan) or by the employee (defined contribution plan), with the funds growing in value until the employee retires. also called pension plan.

Use superannuation in a sentence

Also known as a pension, superannuation retirement plans are set up by your employer and can be accessed once the employee retires.

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approved deposit fund Insurance and Superannuation Commission